Voluntary Ex Ante Transparency Notice (VEAT) - Farnworth Town Centre Development Scheme

Description

The scheme is publicly funded through an agreed funding strategy comprising a combination of grant and loan financing from Bolton Council, Future High Street Funds, Brownfield funds, and lending from Greater Manchester Combined Authority (“GMCA”). Bolton Council intends to enter into an Option Agreement, with an annexed Buy Back Option and a Price & Overage Deed with Capital & Centric (Cocoon) Ltd. (“C&C”) for the planned regeneration development at Farnworth Town Centre. The Option Agreement places an obligation on Bolton Council to sell the land at Farnworth Town Centre to C&C should C&C exercise the option. Should C&C exercise the option to buy the land, it can as the developer, develop the land in accordance with planning permission (subject to permitted variations) if it chooses to, but is not required to do so. Bolton Council can exercise the Buy Back Option if; i. The funding agreement with GMCA is not entered into in line with the agreed funding strategy; and/or ii. A forward purchase agreement is not entered into in line with the agreed funding strategy; and/or iii. There is, broadly, an insolvency event in relation to C&C; and/or iv. Practical completion of the development is not reached within a certain timeframe. The Price & Overage Deed allows for deferred consideration payable for the property to Bolton Council shortly after practical completion which will be secured by way of a charge.